THE owner of the fast money making scheme ‘One Link Pacifica’ Charles Dora has confessed to operating the scheme without a license, Friday.
Dora entered his guilty plea to one count of operating unlicensed banking business, a charge laid under the Financial Institution Act (FIA).
This was after the prosecution withdrew the second charge of operating unlicensed banking business due to insufficient evidence.
Dora’s lawyer had made a ‘plea deal’ proposal to the prosecution to withdraw one charge while he will enter a guilty plea to the other charge.
Having recorded Dora’s plea Principal Magistrate, Felix Hollison adjourned the matter to August 23 for sentencing submissions and mitigation.
Dora was charged after operating the One Link Pacifica without applying for a license under the FIA to engage in business of banking in Solomon
He registered One Link Pacifica at the Company Haus on 4 July 2019 and then continues on to run the investment scheme where he recruited agents (mentors) for people to come along and invest their money through them.
The essence of the scheme is that investors give money towards the company on promise there will be higher return after 30 days of investment.
The investor gave money through manual and online streams.
Dora managed the online stream while his co-accused, Gerrad Tauohu allegedly manned the manual stream.
He collected deposits from the mentors by way of online deposits.
Following the establishment and registration of the scheme, huge number of the public invested their money through Dora’s agencies totaling up to $56,440, 475 ($56 million).
Between December 2019 and March last year, investors had not received their money as promised and within that period, CBSI warned public members about the operation of the scheme.
On 4 March last year, CBSI wrote to Dora to make available to CBSI records, books or accounts relating to the business for examination within seven working days pursuant to FIA but Dora allegedly did not do so.
Dora was arrested by police on June 1 this year at his residence in Russell Islands, Central Province.
By ASSUMPTA BUCHANAN
Newsroom, Honiara
